Robina master developer the Robina Group is reinvesting in its own commercial precinct, CBDRobina, with the acquisition of the Robina Professional Centre for circa $5 million.
In a show of confidence in the sought-after commercial precinct, Robina Group purchased the building to cater for the high demand for quality commercial space from tenants relocating to the area.
Robina Group will embark on an extensive refurbishment and extension of the vacant three-level commercial building, and release a range of high quality, modern offices for lease.
Robina Professional Centre currently includes 1,677sqm of lettable area and secure basement parking, on a prime 2,495sqm site at 36 Laver Drive in Robina.
The circa $5 million sale, which was negotiated by CBRE metropolitan investment properties associate director, Mason Kidman, and office services associate director Nick Selbie, has now settled.
Robina Group General Manager Hylton Slater said CBDRobina’s office vacancy rate was sitting at a very low 5.6 per cent, making it crucial to ensure a continued pipeline of quality commercial space was delivered in the heart of the city.
“The decision to make this significant investment back into our own masterplanned precinct really reflects the interest we are fielding for property in Robina,” he said.
Mr Slater said the building would undergo an extensive refurbishment to modernise both the exterior facade and internal space, including the provision of high-speed fibre internet, with the newly created offices to range from 148sqm to 726sqm, including full-floor options.
The spaces will be offered for lease from $350/sqm net per annum through leasing agent, Marcus Weld of Robina Marketing Australia.
“The spaces will be created specifically for professional office, education and also medical uses – given the close proximity to Robina’s growing health and medical hub, and we will provide extensive, high exposure signage options in a prime central location,” said Mr Slater.
Mr Kidman, of CBRE, said there had been strong interest from larger businesses looking for a new headquarters and other property groups
“Robina Group was really the logical buyer, with the acquisition of this asset further strengthening its position as a key stakeholder in the CBDRobina precinct,” he said.
“The high exposure to busy Laver Drive, the fact vacancy rates in Robina are incredibly low, and the current strong demand for commercial space in Robina made the property an appealing proposition.”
Robina continues to be a major growth centre, with a 2016 report by independent analyst, Urbis, showing Robina as the dominant office precinct in Gold Coast City with a workforce increase of 325 per cent and the highest economic growth contribution to Gold Coast City of any precinct between now and 2050.